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IAN KLEIN Vice President, Digital Strategy
CONVERTING CUSTOMERS: HOW TO KEEP YOUR PIPELINE FROM LEAKING
Strategic Margins Conference Maximizing Income Opportunities for Banks & Credit Unions through Digital Marketing
• Introduction to inSegment
• The State of Digital Marketing
• Digital Marketing Tactics for Profitability
• Your Website is Your Most Important Branch
• Online Account Opening (OAO) Challenges
• Making Human Connections for ROI
Agenda
Introduction to inSegment
inSegment: Who We Are
Since 2006, 7-year-old full-service Digital Marketing firm
Headcount – 52 Newton, MA (HQ) – 25
Russia – 15
Ukraine – 12
Clients include regional and global leaders in financial
services, higher education, insurance, legal, and software
Digital Marketing campaigns in 9 languages across 17 nations
25
12 15
inSegment Wheelhouse
The State Of Digital Marketing
The Shift Away from Traditional Media
(Source: Source: Nielsen Media Research, Pew Research Center, Audit Bureau of Circulations)
(Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Digital Advertising is $30 Billion Industry
(Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
TV’s Leadership Position is at Risk
(Pew Research Center: 2012)
CPM’s Vary Dramatically Cross-Channel
CPM = Cost Per
Thousand Impressions
Mobile to be Lead Internet Access Point
(Source: Microsoft Tag)
66% of smartphone owners
access the Internet every
day from their device (ThinkWithGoogle.com May 2012)
The majority (55.5%) of
mobile users have a
smartphone. (eMarketer April 9,2012 )
Mobile Demographics are Diverse
Smart Phone
Smartphone ownership in the
45 -54 age range increased
16%, from 2011 to 2012 (28%
to 44%) (Pew Research Center March 2012)
(Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Social Networks are the New “Portal”
Social Demo is Older than You Think
• As of February 2012, 66% of online adults
(18+) use social networking
• Popular in all age groups
o 18 – 29 86%
o 30 – 49 72%
o 50 – 64 50%
o 65+ 34%
Source: Pew Research Center Feb. 2012
Over 1/3 of Users Access FB on Mobile
(Source: July 2012 – Bevelwise)
• Men: More likely to access social
networking on Internet-enabled TV & Gaming
Console
• Women: More likely to access social
networking on mobile phones and eReader
(Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Pay TV Subscriptions are Diving
(Source: “State Of The Internet: 2012”: Henry Blodget, Business Insider, Oct. 2012)
Online Video Alternatives are being Adopted
Online Video Demo is Older Than You Think
(Nielsen: 2012)
“Video over the Internet has become an established part of viewing habits for most consumers, in most countries and across all age groups. Once seen as the preserve of the younger, forward looking and technologically savvy, we’re now seeing the platform mature as a mass media channel.”
(Accenture Video-Over-Internet Consumer Survey
2012)
YouTube: May 2012
Internet Radio Listening is Exploding
Internet Radio is Listened to ~10 Hours/Week
Pandora Internet Radio is #2 in Boston
Rank Media Cume Persons Cume Ratings
1 WXKS-FM 864,684 20.7
2 PANDORA 697,710 16.7
3 WJMN-FM 578,867 13.8
4 WBZ-AM 540,505 12.9
5 WBUR-FM 508,643 12.2
6 WEEI-FM/WEEI-AM 447,661 10.7
7 WKLB-FM 390,695 9.3
8 WMJX-FM 383,440 9.2
9 IHEARTRADIO 297,252 7.1
10 WBZ-FM 293,600 7.0
• With significant market penetration in Boston, Pandora provides advertisers with
access to millions of consumers every month
– 672K weekly unduplicated listeners
– 7hrs:01mins average time spent listening per usage week
– 47/53 Male/Female
– 32 average age
Digital Marketing Tactics for Profitability
Elements of Digital Marketing Website and “Satellite” Microsites
SEO (including Online P.R. & Reputation Management)
Paid Search – Pay Per Click (PPC)
PPC Display (a.k.a. Banner Ads) & Recapture Marketing
E-Mail Marketing & Lead Nurturing
Mobile Marketing
Social Media
Content Development & Distribution (Ex. Whitepapers & Infographics)
Online Video
Internet Radio
Website Vs. Microsite
A company’s website is like a brochure, describing all products and services offered
It encourages users to explore and browse the company, its history, products, etc.
Website Vs. Microsite (BankHumanAgain.com)
A microsite hones-in on a single product, focusing the user’s attention and path
Microsites enjoy greater Conversion Rates and ROI
Website Vs. Microsite (HarvardCard.com for HUECU)
A microsite hones-in on a single product, focusing the user’s attention and path
Microsites enjoy greater Conversion Rates and ROI
SEO (Organic Search) and Paid Search
Up to 10 Paid and 10
Organic Search Positions on
Page 1 of SERP’s
Paid Search Ads run on top
and to the right of Organic
Search Results
Strive to have both Paid
and Organic positions (2X)
to increase overall traffic
and push competitors off of
Page 1
Paid
Searc
h A
ds
Org
anic
Searc
h
SEO & Digital Reputation Management
How you are viewed online is
how your brand is viewed –
Page 1 of Google is like front
page news
Although Paid Search ads
allow you to “control the
message”, Organic Search
drives greater Consumer trust
and higher brand perception
Pay Per Click (PPC) Display (Banners)
Banner ad is contextually-targeting content of news article
Purchased opportunistically (via ad exchanges) and with PPC pricing
60+% of visitors abandon your site without taking a desired action (Coremetrics/IBM, 2012)
Without Recapture, these users are either lost forever or are cost-prohibitive to recover
An end-to-end Recapture strategy delivers “warm leads” at a fraction of the cost of initial visit
Align “point of abandonment” with “customized ad creative” and appropriate “landing page”
Leverage Recapture to cross-sell products (ex. serve Mortgage ads to Checking customers)
Recapture Marketing Protects & Grows
Mobile Media & Mobile Microsites
The Mobile universe offers similar Paid Search and PPC Display ad opportunities as on Desktop
Design ads that display clearly on smaller screens
Make sure your landing environment displays appropriately on the devices you target
and Calls To Action (CTA) are Mobile-friendly (i.e. form and video functionality)
Social Media Facebook ads target geo, user
demographics, and self-identified
interests
LinkedIn ads target user-identified
skills, titles, companies, and industry
organizations to which they belong
Target your audience granularly to
invest media spend only on those
users most likely to convert
Facebook and LinkedIn ads are both
PPC priced
The requested call-to-action must
be sensitive to a social environment
Online Video: Targeted Branding
Associate your TV spots with local sport teams, national events, “how to” content, news, etc.
Measure every video view, completion rate, site visits and actions on site to quantify the ROI
Internet Radio: Listen & Take Action
Combine visual branding and interactivity to what has traditionally been audio-only
Ads live in single-spot “pods”, encouraging users to wait just :15-:30 until the music resumes
Measure every audio and banner ad impression, site visits, and actions on your site to justify ROI
Your Website is Your Most Important Branch
Main Website, Satellite Targeting
Conversion Architecture
Usability
Objective Standards
“Continue the Conversation”
Conversion Architecture
Design focuses on 7 Conversion Points to maximize ROI
Objective Standards: F-Pattern Browsing
Design websites in an F-shaped pattern. Eye-
tracking studies clearly show that users consistently view sites in an F-shaped pattern.
This is “F-shaped
browsing.
Microsite Best Practices
• Emphasize desired “actions”
• Optimize for conversion
• Show consumers your value
• Target segmented audiences
• Continue the conversation
“Continue the Conversation”
“Continue the Conversation”
Microsite Optimization: Ongoing A/B
Online Account Opening (OAO) Challenges
OAO Will Continue to Grow
Source: Online Banking Report “Improving Online Account Opening” June 2012
But Branches Remain Key
• Channel Convergence is an “And” Proposition - Online is additive
• Branches remain a key interaction point for customers, no matter how
popular Online/Mobile channels become
The OAO Process is Too Cumbersome
• Metrics Marketing Group compared the account opening process
amongst 13 top financial institutions:
• According to Forrester Research, 58% of visitors who experience usability
problems on a website never return.
• In addition, the average website can double its conversion rate by
designing for increased usability. (Source: IBM)
Only ~20% Successfully Complete OAO
Source: Google Analytics on 400,000+ Andera applications from 26 institutions in 2012.
• Of every 10 applications started on Andera’s account opening platform in 2012,
approximately 5 applicants abandoned before submitting their application, 2 failed
the institution’s risk management strategy, and 1 abandoned after approval.
And Revenue is Lost…But There is Hope
• Javelin Strategy & Research’s latest research report — “2012 Online Account
Opening: Faulty Process Hobbles FI’s in the Battle for Customer Acquisition,
Profitability and Retention” — reveals that:
• Financial institutions (FI’s) lost at least $873 million dollar,
conservatively, in potential revenue, as 5.8 million customers
attempted - and failed - to open accounts online.
Recapture Marketing
helps mitigate this lost
revenue resulting from
OAO abandonment
32% Required Human Assistance
Source: Online Account Opening Consumer Analysis and Vendor Comparison: How to Optimize Efficiency,
Enrollmentand Risk - May 2012
Other Reasons for Abandonment
• Why do OAO attempts fail?
• Poor integration – Core/OAO, OAO/funding vehicle, OAO/Internet banking...
• No eSignature technology available from FI
• OAO only available for existing customers/members
• Desired account type not supported by the FI for online opening
• Credit card funding is not widespread
Advanced Solution from inSegment:
• inSegment has developed a method of recovering people who abandon OAO
platforms, even if they drop before entering their contact info into the app
Source: Online Account Opening Consumer Analysis and Vendor Comparison: How to Optimize Efficiency,
Enrollment and Risk - May 2012
Custom OAO Platform: ING Direct
Ability to return and resume previous, unfinished session
Assigning unique customer numbers allows for quality assurance when the customer calls for support. Also allows convenience if the user chooses to resume OAO process at a later date.
Custom OAO Platform: ING Direct
Live Chat box appears after 30 seconds. One can simply choose to begin chatting, or continue the process on their own
Custom OAO Platform: BOA
OAO Key Takeaways
• Meet the customer where and how they want to be met
• Create a consistently positive customer experience across channels
• Realign sales and customer service to cater to unique channel needs
• Align sales incentives with channel and customer experience
• Break down the “silos” of different media channel operation
• Extend your presence to where you don’t have brand presence today
While we cannot all afford custom OAO platforms, we can push 3rd party
OAO providers to evolve and offer features used by the largest FI’s
Making Human Connections for ROI
Begin by Introducing Yourself
Bank of America "Connect" Video
Make it Simple to Connect with You
Eastern Bank "Here You're First" Video
